As of 2016, Garrison Benefits has partnered with a company called HR360 which specializes in HR Solutions, Documents, and Benefit Compliance. Using their proprietary software, Garrison is now able to generate the legally required benefit compliance paperwork that clients need under ERISA.
These documents include:
► WRAP Document
A Wrap Plan Document is designed to meet plan documentation requirements under ERISA and other federal laws and to incorporate all other welfare plans, insurance contracts, and other relevant documents into a single plan. These materials can be kept together for administrative ease. The Wrap Plan Document provides additional legal protection for the employer and plan fiduciaries and can simplify plan administration.
► SPD Document
An employer must have a written Summary Plan Description (SPD) for each separate welfare benefit plan communicating plan rights and obligations to participants and beneficiaries. These documents must contain ERISA wrapper language along with the certificate of insurance to constitute an SPD. The SPD must be disclosed to participants informing them of eligibility requirements, benefits, claims and appeals procedures, and rights under ERISA.
► Section 125 Premium Conversion Plan
The 125 Premium Conversion Plan is an IRS-approved plan which allows eligible employees to pay health and life insurance premiums with pre-tax dollars. Through this plan, your premiums for health coverage and life insurance are deducted from your pay before taxes are calculated, thus saving the Federal, FICA, and State (where applicable) taxes. In addition, the employer realizes tax savings as their employees’ gross earnings are decreased accordingly.